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Weekly Price Action Setups & Key Levels | Apr 24-29
XAUEUR – ST Support Below, Bullish While Above (daily chart)
Up 12% this year vs. the Euro, Gold has formed a solid impulsive pullback which has found ST support around 1065. While the precious metal remains above this level, the ST bias is bullish. MT the PM is also bullish while above 975.
Hence I’m looking to remain bullish and look for buying opportunities while gold remains above 975 on a daily closing basis. Beyond the yearly highs at 1162, the next resistance levels come in at 1200 and 1255.
EURGBP – False Break Below Role Reversal Level , ST Bearish (daily chart)
After hitting the yearly high of 8100, the EURGBP formed a false break setup after taking out the role reversal level at 7924. ST this creates a bearish bias, and notable the pair has sold off for the last 6 days in a row.
The next support zone comes in around the 77 handle. A failure to hold this would suggest a deeper unwinding in the price action towards 7550. Only a regaining of 7924 on a daily closing basis would revive a ST bullish bias.
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